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US Treasury Secretary Janet Yellen is seeking to address over-manufacturing during her visit to China, which ends Tuesday. The problem is mainly in areas where China already had the upper hand over the West, like lower-tech goods and building materials after the recent property bust. AdvertisementBeijing is aware of overcapacity and pledged to address itBeijing knows the country has an overcapacity problem in some sectors, which is also bad for its own economy. After all, Chinese solar manufacturers are feeling the heat from solar panel overcapacity. Still, China is framing the West's concerns about overcapacity as protectionism and as moves to curtail the country's economic development.
Persons: , Janet Yellen, Yellen, isn't, hasn't, overcapacity, Li Qiang Organizations: Service, Business, American, of, Reuters, US Treasury, European, Bloomberg, Longi Green Energy Technology Locations: China, Guangzhou, Europe, Mexico, Japan, Thailand, Beijing, Xinhua
Spotify jumps 8% on report it plans to raise prices
  + stars: | 2024-04-03 | by ( Alex Koller | ) www.cnbc.com   time to read: +1 min
Spotify stock closed up 8% on Wednesday after a Bloomberg report said the company will increase prices for its premium subscription service in several markets, including the U.S., for the second time in a year. The Swedish music-streaming company will hike prices in the U.S. later this year, Bloomberg reported Wednesday, citing people familiar with the matter. Spotify will raise monthly prices by the end of April by about $1 to $2 in five markets including the United Kingdom, Australia and Pakistan, according to Bloomberg. Spotify will also launch a new basic subscription tier for $11 per month, the same price as the premium plan currently costs, Bloomberg reported. Last year, the audio company raised prices by as much as $2 for its premium subscription in the United States and several other countries.
Organizations: New York Stock Exchange, Spotify, Bloomberg, Apple, YouTube Locations: New York City, U.S, Swedish, United Kingdom, Australia, Pakistan, United States
Apple reportedly exploring personal home robots
  + stars: | 2024-04-03 | by ( Hayden Field | ) www.cnbc.com   time to read: +2 min
Apple CEO Tim Cook (2nd R) greets customers as he arrives for the release of the Vision Pro headset at the Apple Store in New York City on February 2, 2024. Apple is exploring the development of personal home robots after ditching its electric vehicle project, Bloomberg reported Wednesday. In recent years, the company has also invested heavily in products and services like its Apple Watch and Vision Pro virtual reality headset. The Vision Pro, however, will likely take years to create meaningful revenue. Apple's hardware engineering division and its artificial intelligence and machine learning group are overseeing the work on personal robotics, Bloomberg reported.
Persons: Tim Cook, Read, Leswing, Annie Palmer Organizations: Apple, Bloomberg, Engineers, Group, Apple Watch, Vision, Amazon Locations: New York City
The Shanghai-based premium EV company was co-founded in 2014 by its CEO, William Li. William Li, also known as Bin Li, has been dubbed the "Elon Musk of China" for his push to develop self-driving EVs and his loyal fan base. He co-founded his first major company in his mid-twentiesBitauto, a car comparison website, was co-founded by Li in 2000. AdvertisementAnyone who purchases a Nio car can access "Nio Houses" equipped with meeting rooms, lounges, baristas, and supervised kids' play areas. To Li's dismay, Nio cars are not yet available for sale in the USLi has expressed dissatisfaction with the US tariffs on Chinese-made EVs.
Persons: William Li, Li, , Bin Li, Elon, EVs, he's, Tesla, Zoey Zhang Li, Nio, Li livestreamed, HECTOR RETAMAL, ET7, ALY, Elon Musk Organizations: Service, REUTERS, Peking University, New York Stock Exchange, NYSE, CNBC, Reuters Locations: China, Shanghai, Anhui, Nio, Europe, Xiamen, Mexico
Donald Trump's net worth has jumped $4 billion this year to $7.2 billion, per Bloomberg's rich list. The former president is richer than George Soros and set to surpass Mark Cuban and George Lucas. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementDonald Trump is now richer than George Soros — and is set to overtake Mark Cuban too. The former president's net worth has soared by more than $4 billion this year to an estimated $7.2 billion, per the Bloomberg Billionaires Index.
Persons: Donald Trump's, George Soros, Mark Cuban, George Lucas, Trump, , Donald Trump, George Soros —, Reed Hastings, Gordon Getty, Bernie Marcus Organizations: Service, Bloomberg, Trump, Netflix, Home, Business
AdvertisementDonald Trump ranks among the 500 richest people in the world, following his Truth Social deal. AdvertisementLast week, a shell company created to buy Truth Social's parent company, Trump Media & Technology Group, approved the delayed merger, The Associated Press reported. AdvertisementRepresentatives for Trump and Trump Media & Technology Group did not immediately respond to a request for comment from Business Insider, made outside normal working hours. Trump Media & Technology Group began trading at Tuesday's opening bell under the ticker symbol "DJT." Truth Social has around 5 million users and could be valued at more than $5 billion, as BI previously reported.
Persons: Donald Trump, It's, , Trump Organizations: Truth, Service, Bloomberg, Trump Media & Technology Group, Associated Press, Trump, Business Locations: New York
iOS 18 could bring iPhone users the ability to shake up their home screen layout, new reports say. AI tools that reportedly "help manage your daily life" are expected to also be a key focus in iOS 18. AdvertisementiPhone users will get a lot more freedom to customize the layout of their home screens in iOS 18, according to new reports. The forthcoming iOS update is "considered internally to be the biggest update to iOS since the original iPhone," Bloomberg's Mark Gurman reported, and iPhone owners should prepare to see "a new home screen that's more customizable" along with "a slew of AI tools." This story is available exclusively to Business Insider subscribers.
Persons: You'll, , Mark Gurman Organizations: Service, Business
Read previewSam Altman is warring with Elon Musk. Musk told Lemon he takes a small amount of ketamine "once every other week" and that he uses the drug "when my brain chemistry sometimes goes super negative." Related stories"So from investors' standpoint, if there is something I'm taking, I should keep taking it," Musk told Lemon. The billionaire told Lemon that he thinks people shouldn't make racism "a constant subject" and that they should "move on" from the topic altogether. "You're upsetting me because the way you phrase your questions is not cogent," Musk told Lemon.
Persons: , Sam Altman, Elon Musk, Lex Fridman, Altman, OpenAI's ChatGPT, Elon, Fridman, Don Lemon, Lemon, Musk, Donald Trump, bLRae4DhyO, Brad Stone, Anna Makanju, Stone, " Altman, They're, OpenAI, Musk's Organizations: Service, Google, Business, CNN, Elon, Tesla, OpenAI, Microsoft, Business Insider Locations: Davos, Elon
In today's big story, we're looking at what a potential partnership between Google and Apple over AI features would mean for both companies and the wider industry. The big storyGoogle, Apple, AIRebecca Zisser/BITwo of the world's biggest tech companies are reportedly discussing a partnership that would upend the AI industry. Apple is considering integrating Google's AI model, Gemini, into the iPhone . The company has been noticeably quiet around its AI plans compared to peers like Google, Microsoft, Meta, and Amazon. So even if Apple and Google come to an agreement, they could still face some serious regulatory pushback.
Persons: , hasn't, Rebecca Zisser, Mark Gurman, Sundar Pichai, Apple, it's, Tim Cook, Google's Gemini, Insider's Hasan Chowdhury, BI's Phil Rosen, Mike Coppola, Jerod Harris, Grzegorz Wajda, Chelsea Jia Feng, It's, OpenAI, Stephanie Cohen, Goldman Sach's, Goldman Sachs, Jenny Chang, Rodriguez, Goldman, Josh Edelson, Chip Somodevilla, TikTok, Jensen Huang, Blackwell, Alyssa Powell, elbowed, Manoj Bhargava, Steve Huffman, Dan DeFrancesco, Hallam Bullock, Jordan Parker Erb, George Glover Organizations: Service, Google, Apple, Business, Gemini, Microsoft, Meta, Google's, Getty, Vox Media, Getty Images, Department of, Big Tech, Wall, Cloudflare, Bank of Japan, SXSW, Nvidia, Sports Illustrated, Arena Group Locations: AFP, Woodstock, Arizona , Florida , Illinois , Kansas, Ohio, New York, London
Apple and Google are reportedly in talks to integrate Google's Gemini into the iPhone. The deal, if finalized, would be a blow to Google's competitors like Elon Musk's xAI and Sam Altman's OpenAI. AdvertisementApple and Google are in talks to integrate Google's AI model Gemini into the iPhone, Bloomberg's Mark Gurman reported on Monday. The new Gemini-powered features could be introduced to iPhones this year, Bloomberg reported, citing people familiar with the negotiations. Representatives for Apple and Google declined to comment on the talks when contacted by Bloomberg.
Persons: Elon Musk's xAI, Sam Altman's OpenAI, , Mark Gurman Organizations: Apple, Google, Bloomberg, Service
Jeff Bezos and Bernard Arnault have a combined net worth of around $400 billion. Bezos and Arnault are the world's richest people, topping Bloomberg's Billionaires Index. AdvertisementJeff Bezos and Bernard Arnault are the world's two richest people, with a combined net worth of around $400 billion. Arnault, the owner of the luxury goods conglomerate LVMH, is ranked first on Bloomberg's Billionaires Index, with a net worth of $202 billion. Amazon founder Bezos is ranked second on the index, with a net worth of $197 billion.
Persons: Jeff Bezos, Bernard Arnault, , Dom Pérignon, Bezos Organizations: Service, Tiffany
HashiCorp shares jumped 12% in extended trading on Friday after Bloomberg reported the software developer was considering a sale. The company has engaged an outside firm to explore interest from potential buyers, Bloomberg said, citing unnamed sources. As of Friday's close, HashiCorp was trading at $26.50, or 67% below its initial public offering price. Mitchell Hashimoto, a co-founder and former technology chief of HashiCorp, said in December that he was leaving the company. WATCH: HashiCorp CEO McJannet talks enterprise software
Persons: didn't, HashiCorp, David McJannet, Mitchell Hashimoto, Read, McJannet Organizations: Bloomberg, Nasdaq
China's richest man is being targeted by nationalists who say he's not patriotic enough. AdvertisementZhong Shanshan, the richest man in China, has been beset this month by accusations from an online nationalist crowd that he isn't loyal enough to his country. Some think Nongfu Spring loves JapanThe hostility escalated this week into claims that Nongfu Spring was intentionally planting elements of Japanese culture into its product marketing. CFOTO/Future Publishing via Getty Images and Jinhee Lee/NurPhoto via Getty ImagesAnother complaint accused Nongfu Spring of using a red bottle cap that resembles the Japanese flag. China's nationalist groups have been notorious for turning on typically celebrated figures and businessmen.
Persons: Zhong Shanshan, Zong Qinghou, , Zhong, he's, Zong, Zhong Shuzi, Jinhee Lee, NurPhoto, Mr Zong, Hu Xijin, shouldn't, Hu, Li Guoqing, Li, Zong Fuli, Mo Yan Organizations: Service, Nongfu, Hong, Hangzhou Wahaha, Hangzhou Wahaha Group, Getty Images, Weibo, Mount, Publishing, Getty, Global Times, The Global Times, Rongsheng Petrochemical, China Newsweek, China News Service, Business Locations: Japan, China, Hong Kong, Hangzhou, Zhejiang Province, American, Tokyo, Mount Fuji
The most striking item on the list was going on then-Fox News host Tucker Carlson's show to "come out as a republican." "Talk about how the cartel of lawyers is destroying value and throwing entrepreneurs under the bus in order to cover up the incompetence of lawyers," Bankman-Fried memorialized. Numerous former executives and associates testified that Bankman-Fried commingled funds of FTX customers with Alameda Research, a cryptocurrency trading firm he also controlled. Bankman-Fried wrote that he could highlight that aspect of his political spending on Carlson's show. In another list, Bankman-Fried came up with a list of "Allies."
Persons: , FTX, Sam Bankman, Michael Lewis, Lewis, Tucker Carlson's, Fried, Bernie Madoff's, Lewis Kaplan, Carlson, they'd, ANGELA WEISS, Martin Shkreli, Cory Booker of, Matt Levine, Levine, Odd Organizations: Service, ABC, Business, Fox News, US, Office, Southern, of, of New York, Alameda Research, Twitter, Getty, Congressional, Allies, Bloomberg Locations: of New, Manhattan, Cory Booker of New Jersey
Apple reportedly pulled the plug on its decade-long EV project last month. Though we'll never see an Apple Car, we might have some insight into what could've been. Different designs for the car looked like a Volkswagen Microbus or a Canoo Lifestyle Vehicle, Bloomberg reports. Several designs for the car alternately took inspiration from the Volkswagen Microbus of yesteryear and the futuristic Canoo Lifestyle Vehicle, Bloomberg's Mark Gurman reported Sunday. VolkswagenAround 2020, the design for the car took inspiration from the Canoo Lifestyle Vehicle, per Bloomberg.
Persons: we'll, could've, , Apple execs, Mark Gurman, Jony, Apple Organizations: Apple, Volkswagen, Bloomberg, Service, Tesla Locations: yesteryear, Apple's
Jason Palmer, the youngest Democratic challenger for president in the 2024 election, beat out incumbent Joe Biden in American Samoa's primary election on Super Tuesday — an unexpected win he credits AI with helping him achieve. While its residents aren't able to vote in the general election, American Samoa has turned out unexpected primary results before. Despite the odds, Palmer hopes his win there will create momentum for his campaign in states like Arizona, Kansas, and Missouri. But it's also because I'm the first technology entrepreneur who's ever run for president, and I'm not 80 years old, I'm actually in the prime of my entrepreneurial life." The Biden campaign did not immediately respond to a request for comment from BI regarding whether the incumbent president plans to use AI in his reelection bid.
Persons: Jason Palmer, Joe Biden, Palmer, Biden, Michael Bloomberg's, it's, who's, I'm Organizations: Democratic, Biden, Democrat, Business Locations: Maryland, American Samoa, Arizona , Kansas, Missouri, New Hampshire
Read previewThere were grandiose displays of wealth at Anant Ambani's pre-wedding celebrations in India, but the mother of the groom-to-be may have stolen the show. Anant is the youngest son of Nita and Mukesh Ambani. Radhika Merchant and Anant Ambani, son of Mukesh Ambani, the Chairman of Reliance Industries. AdvertisementThe Mirror of Paradise ring. Last weekend, Anant personally thanked and praised Nita during a speech for pulling the pre-wedding celebration together.
Persons: , Anant Ambani's, Anant, fiancée Radhika Merchant, Nita, Mukesh Ambani, Mukesh, Radhika Merchant, Anant Ambani, Rihanna, Bill Gates, Mark Zuckerberg, Manish Malhotra, that's, Richard Drew, Nita Mukesh Ambani, She's, Mama Organizations: Service, Business, Reliance Industries, GQ India, Bazaar Locations: India, Asia, Mumbai
Russia's February oil and gas revenues jumped by over 80% from a year ago. AdvertisementRussia played a card that nearly doubled its energy revenues ahead of the presidential elections later this month. In February, Russia raked in 945.6 billion rubles, or $10.4 billion, in oil and gas revenues, according to data from the country's Finance Ministry published on Tuesday. That's compared to 521.2 billion rubles in February 2023. This means the energy giant's takings from oil and gas jumped over 80% from a year ago, according to Bloomberg's records.
Persons: , That's Organizations: Service, country's Finance, Business Locations: Russia, Ukraine
Bernard Arnault is the CEO and founder of the luxury conglomerate LVMH. He currently has a fortune of $197 billion making him the world's richest person. The title often bounces between Arnault, Amazon founder Jeff Bezos, and Tesla CEO Elon Musk. AdvertisementBernard Arnault, CEO of LVMH, has once again become the world's richest person with a fortune of $197 billion, snagging the title from Jeff Bezos. As of Thursday, his fortune has been eclipsed by Arnault by only $1 billion, according to Bloomberg's Billionaire Index.
Persons: Bernard Arnault, Jeff Bezos, Elon Musk, Organizations: Amazon, Tesla, Service, Arnault
The developer behind the Grand Theft Auto games has asked employees to return to the office five days a week from April, per Bloomberg, as it enters the final stages of development for the franchise's next installment, "Grand Theft Auto VI." AdvertisementHello @X, watch Grand Theft Auto VI Trailer 1 pic.twitter.com/smzxOLhh4o — Rockstar Games (@RockstarGames) December 5, 2023IP and sales worth billions on the lineSecurity has always been a huge priority at Rockstar. But in the run-up to the release of "Grand Theft Auto VI," Rockstar, which adopted remote work during the COVID-19 pandemic, has had several security issues to contend with. The Independent Workers Union of Great Britain (IWGB) said the decision by Rockstar came a year after 170 Rockstar workers signed a petition "opposing mandatory 3-day office work." Rockstar workers represented by the union accused the developer of "broken promises" and said they had concerns around a "heightened risk of overwork," which the company has been criticised for in the past.
Persons: , Jenn Kolbe, Ned Luke, he'd, Jason Schreier Organizations: Service, Theft, Bloomberg, Business, Rockstar, Twitter, Independent Workers Union of Great Locations: Independent Workers Union of Great Britain
Bill Gates and Mark Zuckerberg are among those set to attend the pre-wedding celebrations in March. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementSome of the world's top business leaders are expected to attend the pre-wedding celebrations of Anant Ambani in India. Here's a look at some of the other business chiefs and celebrities rumored to be attending the celebrations.
Persons: Mukesh Ambani, Bill Gates, Mark Zuckerberg, , Anant Ambani, Ambani, Radhika Merchant, Sundar Pichai, Jay Y, Lee, Rihanna, David Blaine Organizations: Service, Fortune, Reliance Industries, Guardian, Samsung Electronics, The, Reuters Locations: India, The Times
The smart ring era is here. Honor, the mobile business spun out of Huawei, also announced this week that it's working on a smart ring. Avi Greengart, president and lead analyst at Techsponential, told Business Insider at MWC that Samsung's Galaxy Ring "validates the smart ring category." Rumors of an Apple smart ring have been simmering for over a decade — mostly due to a string of patents the company has filed for. There's another good reason tech companies are eyeing smart rings right now, according to IDC analyst Francisco Jeronimo: subscriptions.
Persons: , Prince Harry, Mark Zuckerberg, Jack Dorsey, Jennifer Anniston, Jimmy Kimmel, Smart, they've, Oura, Avi Greengart, Apple, Bloomberg's Mark Gurman, Jeremy Liew, Liew Apple, Greengart, Francisco Jeronimo, Jeronimo Organizations: Samsung, Service, Mobile, Congress, MWC, Huawei, IDC, Apple, Venture, Business Locations: Barcelona, Cupertino
Wells Fargo and Bank of America's Merill will be offering bitcoin ETFs to clients, per Bloomberg. Morgan Stanley is another large firm looking into offering spot bitcoin ETFs, Coindesk reported. "Spot bitcoin ETFs are available for unsolicited purchases through an advisor with Wells Fargo Advisors or through our online WellsTrade platform," Sarah Kerr, a Wells Fargo spokesperson, confirmed to Business Insider. With bitcoin ETFs, retail investors can get exposure to the cryptocurrency's price movements without having to directly buy bitcoin through a less regulated exchange. In the weeks since US regulators approved 11 spot bitcoin ETFs in January, the investment vehicles saw record-high trading volumes.
Persons: Wells, Morgan Stanley, , Bank of America's Merrill, Wells Fargo, Sarah Kerr, Merrill, Coindesk, Bloomberg's James Seyffart, Janel Jackson Organizations: Bank, America's, Bloomberg, Service, Bank of America's, SEC, Advisors, Business, Vanguard Locations: Wells Fargo, Wells
Reviews for the Tesla Cybertruck are positive — so far. AdvertisementOfficial reviews for Tesla's Cybertruck are rolling in, and so far, the hulking stainless steel truck is largely living up to the hype. The complaints, much like the truck itself, are rather unique compared to a typical pickup-truck review. "You'll need thick skin if you own one, especially if you post photos of it online where the trolls are especially toxic," Elliot wrote. AdvertisementHave you driven the Tesla Cybertruck yet?
Persons: , Tesla's, hangups, there's, Hannah Elliot, WSJ's Dan Neil, Neil, 4x4s, Elliot Organizations: Tesla, Service, Bloomberg Locations: Hollywood
Nvidia cofounder and CEO Jensen Huang is on track to be one of the richest people in the world. Here are 10 surprising facts about Huang, from his Nvidia tattoo to his staggering number of direct reports. AdvertisementJensen Huang, the CEO and cofounder of Nvidia, is leading the charge towards an AI future — with his company making billions. He has a tattoo of Nvidia's logo on his shoulderNvidia founder, president and CEO Jensen Huang displays his tattoo in September 2010. "The more direct reports the CEO has, the less layers are in the company," Huang said during an interview at the 2023 DealBook Summit.
Persons: Jensen Huang, Huang, , who's, it's, Lori, Chris Malochowsky, Curtis Priem, Robert Galbraith, you've, Fortune, Noah Berger, what's, He's, he'll, Jackie Chan Organizations: Nvidia, Service, Oneida Baptist Institute in, Wired, NPR, Oregon State University, HP, Stanford, New York Times, Wilson Jackets, New Yorker, Yorker, New York Times DealBook Locations: Oneida Baptist Institute in Kentucky, California, Shutterstock
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